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You Can Make the IRS Stop All Collections if You Do This

Persons with lower income who owe income taxes can often qualify for “Currently Not Collectible” (CNC) status and not be required to pay their past due IRS taxes. Therefore, it is not that difficult to obtain CNC status if you are in the lower-income bracket. Income Requirements You can qualify if your income is within …

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IRS Debt Can Lead to the Loss of Your Passport and Leave You Stranded Outside the U.S.

The Internal Revenue Service (IRS) is making some fancy moves to collect past due tax debt. If someone owes a tax debt of $52,000 or more, the IRS can notify the State Department to deny a passport application or renewal. But here is where it gets spicy, Under the Fixing America’s Surface Transportation (FAST) Act …

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IRS Collection Alternatives – Five Potential Options to Pay an IRS Debt

If you owe the IRS and cannot pay in full, there are five collection alternatives that you can obtain from the IRS that you can use. Extensions of time to pay and easy to obtain installment agreements are the most common alternatives selected by those who owe. In most instances, individual taxpayers just need a …

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How the IRS Was Gutted

In the summer of 2008, William Pfeil made a startling discovery: Hundreds of foreign companies that operated in the U.S. weren’t paying U.S. taxes, and his employer, the Internal Revenue Service, had no idea. Under U.S. law, companies that do business in the Gulf of Mexico owe the American government a piece of what they …

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Podcast – Debit Cards Versus Credit Cards – Layaway – Vacations – Big IRS Refunds

This week Damon Day and I talk about a wide variety of topics. Everything from why big TRS refunds spell trouble to what you really need to know about credit cards and debit cards. The advice is what you would least expect. As usual, the commentary is irreverent at times and we certainly don’t take …

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